Nigeria’s total public debt climbed to N153.29 trillion (US$103.94 billion) as of September 30, 2025, marking a continued rise in both domestic and external borrowings, according to new data released by the Debt Management Office (DMO).
The latest figures show an increase of N893.87 billion (about US$606 million) compared to the N152.40 trillion (US$99.66 billion) recorded at the end of June 2025, reflecting a steady quarter-on-quarter build-up in the country’s obligations.
In dollar terms, the debt stock rose from US$99.66 billion in June to US$103.94 billion in September an increase of US$4.28 billion within three months, representing a 4.29 percent growth.
External Debt at N71.48tn (US$48.46bn)
The DMO data indicate that Nigeria’s total external debt stood at US$48.46 billion (N71.48 trillion), accounting for 46.63 percent of the total public debt stock. This marks an increase from US$46.98 billion (approximately N71.84 trillion) recorded in June, when external debt represented 47.14 percent of total obligations.
The rise translates to an additional US$1.48 billion (about N2.18 trillion at September’s rate) in external borrowing during the quarter.
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Multilateral lenders remain Nigeria’s largest external creditors. Loans from institutions such as the World Bank Group and the African Development Bank Group amounted to US$23.41 billion (about N34.52 trillion), representing 48.31 percent of total external debt.
Under this category, the International Development Association accounted for US$18.18 billion (about N26.81 trillion), while the International Bank for Reconstruction and Development was owed US$1.36 billion (about N2.01 trillion). The African Development Bank was owed US$2.15 billion (about N3.17 trillion) and the African Development Fund US$1.02 billion (about N1.50 trillion).
Bilateral debt stood at US$6.29 billion (about N9.27 trillion), with China’s Exim Bank accounting for US$4.82 billion (about N7.11 trillion). Loans from the China Development Bank amounted to US$423.51 million (about N624.67 billion).
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Commercial borrowings also remained significant. Eurobonds accounted for US$17.32 billion (about N25.55 trillion), representing 35.74 percent of the external debt stock. Syndicated loans and a facility from Deutsche Bank added another US$1.45 billion (about N2.14 trillion).
The DMO noted that September’s external debt figures were converted using the Central Bank of Nigeria official exchange rate of N1,474.85 to the dollar, compared to N1,529.2105 used in June.
Domestic Debt at N81.82tn (US$55.47bn)
Domestic debt rose more sharply in dollar terms, increasing from US$52.67 billion (N80.55 trillion) in June to US$55.47 billion (N81.82 trillion) in September a growth of US$2.80 billion (about N4.13 trillion at September’s rate).
Domestic borrowings accounted for 53.37 percent of the total public debt stock.
Federal Government instruments dominate the domestic debt profile. As of September 30, FGN Bonds totalled N61.99 trillion (about US$42.03 billion), representing 79.67 percent of the Federal Government’s domestic debt.
Nigerian Treasury Bills stood at N12.68 trillion (about US$8.60 billion), while FGN Sukuk accounted for N1.29 trillion (about US$875 million). FGN Savings Bonds and Green Bonds amounted to N97.46 billion (about US$66 million) and N62.36 billion (about US$42 million), respectively. Promissory notes totalled N1.69 trillion (about US$1.15 billion).
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The DMO added that domestic debt data for 35 states and the Federal Capital Territory were as of September 30, 2025, while Rivers State’s figures were as of June 30.
Despite the government’s stated intention to reduce reliance on expensive foreign borrowing, the latest data show that both domestic and external obligations continued to expand within the quarter, underscoring persistent fiscal pressures on Africa’s largest economy.
